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Risk Management in Life Sciences

Life sciences industry is experiencing a period marked by growing consumption of drugs and medicines, rising consumer demand for improved healthcare, proliferating competition, shrinking market cycles, changing business models, and increasing financial constraints. Further, continuing price wars, rising quality standards, and increasing compliance costs are adding to the pressure.

The life sciences industry has always been under close scrutiny, leading to rising audit burdens, quality inspections, and fines. As a result, there is a continuous threat of losing reputation and public trust, resulting in low net worth and decreased stakeholders’ confidence. Pressure to track consumer usage, continuously monitor the history and life cycle of a drug increases risks in conducting business operations.